Bharat Highways Invit’s Rs 2,500-crore IPO to open on February 28

Bharat Highway Invit IPO: The company plans to raise Rs 2,500 crore, the highest so far in 2024

Bharat Highways Invit IPO will open for subscription on February 28 and close on March 1. The company plans to raise Rs 2,500 crore, the highest so far in 2024. The book-running lead managers to the issue are ICICI Securities, Axis Capital, HDFC Bank and IIFL Securities.

The infra-investment trust had filed draft papers for the IPO in December last year and received approval for the same earlier this year. The company will use the net proceeds to provide loans to the Project SPVs (special purpose vehicles) for repayment of outstanding loans (including any accrued interest and prepayment penalty) and the remaining funds will be used for general corporate purposes. As of February 1, 2024, the Project SPVs had a total outstanding external borrowing of Rs 3,568.22 crore.

Ahead of the IPO, GR Infraprojects entered into a share purchase agreement (SPA) with Bharat Highways InvIT for the sale of its entire investment in equity shares of seven wholly-owned subsidiary companies. The seven wholly owned subsidiaries of the company are namely GR Phagwara Expressway, Porbandar Dwarka Expressway, Varanasi Sangam Expressway, GR Akkalkot Solapur Highway, GR Sangli Solapur Highway, GR Gundugolanu Devarapalli Highway and GR Dwarka Devariya Highway.

Bharat Highways InvIT is an infrastructure investment trust established to acquire, manage and invest in a portfolio of infrastructure assets in India and to carry on the activities of an infrastructure investment trust, as permissible under the SEBI InvIT Regulations.